QUESTION TWO [25] Eric Ngidi the sole proprietor of a general dealer, Welcome Traders, provided you with the following relevant accounting records for the financial year ended 28 February 2023. Additional information and adjustments: 1. Physical stocktake was done on 28 February 2023 and inventories were valued at cost as follows: Inventories: Merchandise (Trade goods) R103 500 Inventories: Consumable items R 300 2. Rates and taxes included a payment of R6 120 for the 6 month period 1 January 2023 to 30 June 2023. 3. The rent income for February 2023 is still outstanding. The monthly rent did not chan the period 1 March 2022 to 31 January 2023. However, the rent for February 2023 increased by 10% and recorded as outstanding at 28 February 2023. 4. A Debtor, A Noddy, who owed R1 200 was declared insolvent and his estate declart payment of 60 cents in the Rand. The amount received was correctly recorded. However, we balance of the account must now be written off as a credit loss. 5. The allowance for credit losses must be adjusted to 5% of outstanding Debtors